The Canadian Bitcoiners Podcast - Bitcoin News With a Canadian Spin - CBP Classics - The FTX Collapse (2022)

Episode Date: December 27, 2025

FRIENDS AND ENEMIESOn this CBP throwback, we talk about the collapse of FTX (2022).⁠Discord:   / discord  A part of the CBP Media Network: ⁠www.twitter.com/CBPMediaNetworkThis show is sponsored by:easyDNS - https://easydns.comEasyDNS is the best spot for Anycast DNS, domain name registrations, web and email services. They are fast, reliable and privacy focused. With DomainSure and EasyMail, you'll sleep soundly knowing your domain, email and information are private and protected. You can even pay for your services with Bitcoin! Apply coupon code 'CBPMEDIA' for 50% off initial purchaseBull Bitcoin - ⁠⁠https://mission.bullbitcoin.com/cbp⁠⁠The CBP recommends Bull Bitcoin for all your BTC needs. There's never been a quicker, simpler, way to acquire Bitcoin. Use the link above for 25% off fees FOR LIFE, and start stacking today.256Heat -⁠ https://256heat.com/ ⁠GET PAID TO HEAT YOUR HOUSE with 256 Heat. Whether you're heating your home, garage, office or rental, use a 256Heat unit and get paid MORE BITCOIN than it costs to run the unit. Book a call with a hashrate heating consultant today.

The Canadian Bitcoins podcast is just two guys and maybe a guest or two discussing Bitcoin, Bitcoin equities, and the related macroeconomic space. It's not meant to be financial advice. So please, if you're doing any investing, after listening to our program, do your own research, do your own due diligence, and understand that any money you invest can be lost. The show is meant for entertainment purposes only, and we hope you enjoy the program. Friends and enemies, welcome to another episode of the Canadian Bitcoinsers podcast, where we are liquidating our funds to meet user withdrawal needs. My name is Joey.

I'm here with my co-host, Len. I don't even want to look at the block clock behind me, buddy. I can see yours. It's not a pretty sight. What's going on over there? How are you feeling? We got lots to discuss tonight, buddy. Look at that.

It looks pretty good. If I put a piece of paper in the first two and change that 16 to, say 61, wow, we're laughing, but those are in paces, unfortunately. The number of we see behind me is in U.S. dollars, not very good. A lot has happened this past week. We'll be discussing that today, Joey. So buckle up. This is going to be a good one. Lots to talk about.

Brought to you by two great sponsors. You know, even as everyone else goes tips up, our sponsors continue to operate. One is shake pay. Best place for Canadians to buy and never sell. Although honestly, you know, maybe you do want to sell. I'm not sure. I don't. Len doesn't, but maybe you do. I'm not sure. If you do want to sell, it's going to be cheap, easy, and a good experience for you. So they got a lot going on. They got shaking stats. Shake your phone every day if you use our promo code to sign up, Charlie Beta Peter. You can get up to a thousand stats a day, which is dope, although it's not worth as much as it used to be. But, you know, you're still getting something back from our friends at

SP. They got ShakePay Earn, which just started a little while ago. So if you leave you a little bit of CAD in your account, they'll pay you back in Bitcoin with a little bit of interest there, I think given weekly, which is great. They got shake paid, where if you spend off your CAD balance, you can get the entire purchase comp and Satoshi's. And of course, they have the Satsback Visa. So you add the shake pay card to your mobile wallet. And every time you spend a little bit money, you get 2% back on the first 5,000 and 1% after that. It's all good stuff, man. Shake pay sent out an email today or yesterday. I forget what day now. It's all kind of a blur. talking about how they're in good shape.

Everything's okay over there. I'm happy to be working with them, man. It's good. I think we've done a good job bringing on sponsors that are transparent, responsible, and seem to be doing a good job in a difficult, difficult market, which we'll talk about a lot tonight. We have another sponsor, too, Lynn. Who are they?

Yeah, that's lead in. So since you bought a lot of Bitcoin from ShakePay, and if you want to earn some interest on that, Bitcoin, why not open up an account with our referral code below? And if you do so and pump in 150,000 sats or 75 USDC on their platform and keep it on there for 15 consecutive days, Lennon is going to give you 10 USDC, add it to your account, no questions, ask. Also, if you have some bills, you need paid, everything is going up in price and it's the wintertime, you've got to change your tires, the whole nine yards.

Well, don't sell your Bitcoin. Just borrow against it and Lennon is there to help you out with a 50% loan of value. You give up your Bitcoin as collateral. they give you the money and you're good to go. Also, if you are the Eternal Bowl, you think the price we bottom out, it's going to be going up, well, double up your Bitcoin stack with Ledden's B2X option. And by doing so, timing the market right,

don't keep it in there, pull it out once the price goes up significantly. Well, voila, you now have some more Bitcoin on your stack just by timing the market and using Ledden's B2X. But also there's the Bitcoin-backed mortgages. This was an industry first, not available everywhere. So check their website to see where they are offering that. But since you're on their website, check to see what are the rates for their savings and borrowing accounts.

Because those change on a month-to-month basis. It's a good day to do a podcast, Len. It's been a busy few days. Housekeeping, we have Joe Hall coming on, right, on Wednesday, I think. Sounds right. Pretty sure. I think he was recommended by somebody in the show. By Gandalf, maybe.

I think Boomer, but I could be wrong. I don't know, I forget. Anyway, so we got him coming on Wednesday. That's going to be a good show. We are talking privately with our friends over at Green Candle. And it looks like we're going to be spending a little more time on the Friday spaces now that it's winter. And, you know, I'm cheap and all my money is going to Bitcoin now. And Len may feel the same way.

I don't know how much tennis you can play in the winterland. You got the bubble over there. Probably got a dome, eh? Yeah. And it's in your neck of the woods, Joey. Rosedale Tennis Club in Hamilton. And it's clay courts indoors as well. You don't get that very much here in a GTA, H.

So take advantage when you can. It makes a huge difference because when you're, I mean, as you get older and you go into hard court and you really pound it, you could feel it at the end. But on the clay, oh my God, it's like playing on a cloud. It's so much better. Playing on a cloud. So there you have it.

If you ever want to catch land at Rosdale Tennis Club, glad you talks that line. I don't know what I'll do some surfs We want to spend more time on the Friday spaces So I know there's talk in our in our group chat About spending some more time on that stuff Which is dope And if you ever have an idea for a show Hit me up

It sounds like maybe a boomer in the chat Maybe can comment on this It sounds like maybe I'm going to be on money talks on the weekend I haven't heard anything for Mike Campbell But you know If that turns out to be the case We'll share that as well And I think that's

Represent us well, Joey, represent us well. I'll do my best, brother. You know that. Do we have any other housekeeping? You want to talk about podcasting 2.0, maybe leaving reviews and ratings for this show? What are you doing? If you haven't left the rating and review, we get a mountain of plays. And I don't know how many reviews we got.

We got 150, 200. How many we have? I have no clue. I got to look. I'm going to look now. I'm looking at the hash rate. That's the thing that's really occupying my time right now. I'm looking at the hash rate.

It's been stagnant for the past, oh, say a week and a half, two weeks. and that's odd given the fact the environment there's so much new equipment being added to the network what is going on I wonder we may never know but we could continually speculate

what the heck is going on we only have 82 reviews so if you haven't left this review on Apple Podcast it's time okay get out there leave us a review leave us a comment please please okay

that's all we're asking not asking for much we're even sending out T-shirts for God's sake so sometimes it takes us a week anyways Len the price of Bitcoin in American dollars I should say is a little bit over 16.5 right now, 16573, according to the trading view.

And it's 22,138 in Canadian dollars. It seems not too long ago we were at that number in U.S. dollars. What is fall from Greece we've had with the price of Bitcoin, but we'll be back. We'll just take some time. Joey, anything else you want to talk about before we just transition to the... We may as well start. I'm sure we got plenty to talk about tonight, so let's get out of it. A lot of back and forth, I'm sure we'll have.

And the first thing that we'll talk about is FTX. And this has been dominating the new cycle, not just in the world of quote-unquote crypto and digital assets, but also in Tridefight because this is impacting so many companies out there. And a lot has happened in the past seven days since we last recorded our show. And this is with respect to FTX, Alameda Research, San Bankman-Friven or Scam Bankman-Friven and so many more people. Scam Bankrun Fraud. the fact that his last name is Bankman is phenomenal and he's just essentially creating money or tokens

that are thin air. But just a FY what I'm going to be talking about and I think also what we'll be talking about. This is ever evolving news. So some of the information will probably be true some of it because it's so fresh it still needs to be confirmed. So don't take everything with

it's truthful because we're doing the best we can to find everything that is good to talk about. But it looks like the possibility of Binance throwing a lifeline to FTX and billing them out well that is now out of the question and that was following Binance's review of the books and they decided at that time FTX is just not worth saving and in terms of how much time it took them to get to this decision it only took them a day and a half from when they started to coming to this conclusion so

there must be something very concerning on the books that caused Binance to say I know know what, fuck this, we'll leave it to somebody else. So the non-binding LOI that was the last hope for, Scam, Batman Fried, well, that's gone out the window. And he's left now, you know, trying to find a place in the world that could, he could park his ass that won't have an extraditionalize that's set up to be sending them back to the United States because there's going to be a lot of questions that need to be answered.

And he has to watch himself because there's going to be a lot of people that he's pissed off and some lot of money that he lost for people. So it could be some dangerous, dangerous times for him. And it's considering what happened with FTX, it's absolutely incredible what happened in a very short period of time. The valuation of FTX was monumental. And if you look at back in January of this year, January 2022, the funding round, that's the latest funding round, netted FTX $400 million. Now was their series C funding round. And well, that's the third round that they rugged investors because at that time, they netted $400 million as they am.

mentioned. So that puts the devaluation at $32 billion, $32 billion to zilch in just a couple of days. How? That is Lehman Brothers territories in terms of pissing money into the wind. And to put that in perspective, $32 million, that's basically the market cap of the National Bank of Canada right now, give or take a few hundred million dollars. And today's world, it's really not much. But what's the value of the company now? Zero. Zilch, nada. Well, because they've declared bankruptcy and they hold many more billions with a B in liabilities than they do in assets. And if you're great, if your net worth is greater than one penny, you are worth more than FTX and Alameda research. Consider that. That's incredible. And remember, FTX is no small company. They had sponsorship deals with Formula One

major league baseball, at least one arena we know in Miami and so much more. And this creates a void that will need to be filled. And it creates an opportunity for us, Joey, as the Canadian bitcoiners, to potentially start our podcasting, sorry, our sponsorship campaign. Because I think we might have an opportunity now to find something on the cheap and slap our names. Let's talk to Tom Brady. You know, we'll give them a free, you know, free shirts or something with something

with, you know, we got some swag. We can dish out to that guy. attach his name to the Canadian Bitcoin or podcast. We're going to get Brady wearing the shirt coming down the tunnel for the three and six bucks, whatever that shit team's record is. Well, it's either he, we wrapped up he or Giselle. Either of the two, I think, are available. And you know what, maybe we could try for both, but, you know, let's try for one.

If I see, if I see Giselle on Tinder, I'll let you know, okay. I'll try and hit her up. Wait, wait, I just wanted to go on a tangent here. Three and six? Is that, like, that's legit? Or what are they, three and five or four and five? They're not, they don't have a winning record, that's for sure. Is it because of him?

Debatable, I don't know. He's like, he was 44 years, 44 years old pro quarterback. Anyway, we'll talk about that after. Well, okay. As for FTX, you know, they've been discussing their collapse. It's felt with by a lot of people out there and including people that hold Bitcoin because the price of Bitcoin has tanked. And really this has shouldn't have come at a worse time if you're looking to have a price

in the pump in the price of Bitcoin because really the price of Bitcoin was poised to move to 22K or beyond given what the CPI print came out just this past week. We'll be talking more about the CPA later in the show. It just seems like the timing was really, really bad. And also the effects could be felt by other companies like Galaxy Digital. And this is a publicly traded company. And they had $48 million of exposure to FTX. And while they're trying to retrieve those funds,

luck to them. I think it's going to be an uphill battle for them. Letton, too, was exposed. They were able to withdraw some of the funds they had on Alameda, and they were working to withdraw the remaining funds they had there, too. So I'm not sure if they were successful, but they're in a midst of trying to do that. Also, we had news from fellow Canuck, Kevin O'Leary, Mr. Wonderful. You know, he was an investor of FTX and a spokesperson for the exchange. You know, I wonder if his tune with shik coins has changed, given what is transplanted. So this whole FTX saga, and there's many different exchanges that have publicly disclosed that now they're going to be doing the proof of reserves as a way to restore confidence with users. But I'm not sure if you've been following some of this, but it seems like some of these proof of reserves is like a digital hot potato where they're sending funds to one particular company using that as a proof of reserves and the funds gets done elsewhere.

And it seems like a very shady way of proving that you have the funds, or at least users' funds. But granted, everything is on the exchange. It's easily verifiable, which is fun to do some investigating. Anyways, you have to find out. Is this like really a scam? What's going on? Well, anytime you come across any of these things, I'm going to give you a list of words here. And if you come across any of these, red flags.

We got yield farming, governance tokens, tokenomics, token berm, staking, Web 3, proof of stake, pre-mined, defy, air drop, sharding, roadmap, merge, Oracle, probably a whole bunch of others I miss too, but if you come across any of them, run away as fast as fucking possible. Sadly, I still think a lot of people are still going to be degenning moving forward into shit coins in a not too distant futures.

Really, we have investors in this space. They have a really short memory. And their ambitions, they're sky high, they think they're going to be the next crypto billionaire and score somebody as hot as Caroline from Alameda. And with how much money has people lost out there, considering like Luna was massive collapse just a few months ago. Voyager, same thing, Celsius. So even with all this recent shit, you know, so many people lost money with FTX.

People will never learn. And they're still trading on leverage. So if you look at just past this past week, over 350,000 crypto traders were liquidated. And a total amount of liquidations comes in at over $700 million. I love that shirt in the background. You can't see the poofy hair, but the shirt is just phenomenal. We should get a copy of that.

And through this whole collapse, incredibly we have, whoa, what's going on here? I'm trying to get them in the picture. Just keep talking. Incredibly. So we have some new scams emerge from this. Even as the fall of FTX happens in front of our very eyes,

we still now see, we have seen the engineered arbitrage situation come to play with TRX, a.k.a. Tron. It was found out that FTX on its way down, while traders were able to sell or they get to FTX, they traded their FTT tokens on FTX and buy into Tron, the difference between what's on Binance and on FTX. Well, Binance was selling the token for six cents. FTX was selling it for $1. So there existed in massive arbitrage situation, but this was done. It was engineered. And I'm wondering what the hell, what kind of backroom deal was struck up?

between Justin's son and San Bankman Freed. We may never know, unfortunately. But we also learned this past week that SBF was also using the $4 billion in FTX funds. This was the customer's deposits, and this was used to prop up how I made it. And he did this without telling anybody. Sad, sad stuff. Also of note, SBF has strong ties with the Democrat Party. He donated quite a bit of money this past, well, cycle.

And with hopes of having his candidates reelected or elected. And, well, given what's transpired, so much has happened, so much turmoil, still he has found time to play League of Legends. How do you do this? How do you lose so much of people's money? Watch your party that you backed, you know, crash and burning the election, but still play League of Legend. I don't know. But still, he comes down and says he fucked up and he's sorry. So I'll take him for that.

And there's also some rumors out there that's been, I can't believe I'll say this, but who knows, apparently there's some shenanigans going on at FTX offices, the word orgy we heard being thrown out there. So I don't know what's going on. Nothing confirmed, and I don't want anything to be confirmed to be perfectly honest. And it looks like he's lost it. Today he's tweeting out one letter at time to make a sentence. And who does this? What type of person that was on, which magazine cover was he on?

He was told it to the next. New York Times. Oh, Forbes. New York Times is reporting on today, but Forbes had him as the next Buffet. Yeah, and here he is tweeting away one letter at time. He absolutely lost it. But really, this whole thing is nuts. Even Tether.

Tether, too, recently lost his peg. I think you and I, we have differences with our opinion of Tether. I still have a sneaky suspicion. This may be something that could come from. crashing down in the distant future. But still, it lost its peg, but it regained it again. I don't know. So much of play, crypto.com, it looks like that's the next thing that's going to fall.

And if it does, man, oh, man, just keep going. This is going to make a lot of the regulators out there. They're salivating right now because they want to institute some new rules and new regulations on exchanges to help the banking sector, which is, you know, it is what it is. But, you know, let's be honest, the space that we operate in, not Bitcoin, but in terms of the shit coins. It's full of scammers. You go look at what's going on in Twitterland. You see so many spaces. It's full of NFTs spaces. I don't even know what the hell they're talking about it. They're just simply just shilling their garbage. But another thing this is going to do is going to

reassess people's conviction in Bitcoin because so much has happened to price drop and there's so much negativity that's being thrown around. Also, one thing of note, with the rise in interest rates, I know this is kind of off topic, but I'm going to try it into this. The interest rates has risen quite a bit in the United States in the past little while. This has made the three months, six months, 12 months, even two years, the yields on their treasuries to be over 4%. It's making it more attractive to get that than to say stake-eath, where when you stake-eath, it's locked and you may never get it back. At least with this, you know it's backed by the Federal Reserve and you're going to get U.S. dollars, which there's some functionality with that. So there comes

a point in time where people are going to say, hmm, you know what? It's maybe worth more of my while worth more my time to buy bonds or treasuries versus staking because at least I know when I'm going to get that in the end versus staking garbage. So yeah, I'll leave it to you, Joy. Go ahead. Rip it. Only staking anyone should be doing, buddy, he's on a cast iron pin. Let's, let's dig in. We got a lot to talk about that was great from you. Good, good summary of the events there. Like you mentioned, very rapidly changing. I was doing show notes until like, I don't know 15 minutes probably before the show started like when i came here at about 10 to 7 to talk business with you that's when i stopped looking at twitter and there's a guy on twitter who i just started

following a couple of days ago who i asked to come on the show i'd love to talk to this guy even though he's a big bitcoin bear this guy named uh mike bergs burger or something like that i think he goes by dirty bubble on twitter and uh he's got a lot to say about the intertwined nature of the Celsius operation and the FTX operation. And the reason this is important is because a lot of people who are involved in this and have been reporting on this, some on the crypto news side of things, some on the traditional news side of things, all seem to agree on one thing.

And that thing is that this started unwinding a long time ago, probably in the summertime around the time that Celsius went tits up. So this guy's got four notes here that are interesting about, the relationship between the two, you know, or potentially more firmness, thinking how you v. Alameda and FTCS. And Celsius. So FTCS enabled Celsius to manipulate the cell token markets. In 2021, Celsius appeared to have purchased well over 40 million cell tokens on FTX

to drive up and maintain the sell price. This period coincides with the due diligence announcement of Celsius's 750 million equity raise from Westcap and L.A. CDPQ, which we have talked about before. Celsius used FTX to liquidate hundreds of millions of dollars worth of user assets after freezing withdraws. In addition to using the proceeds to pay back defy loans, a $104 million loan from FTX was also discharged during that period.

Celsius sent hundreds of millions of dollars and borrowed stable coins through FTX, possibly using FTX as a clearinghouse for distributing loans to their institutional borrowers. we show, this is Dirty Bubble, that Celsius loan to the, uh, Celsius's loan to the failed crypto hedge fund in brackets Ponzi scam, three arrows capital, appears to have gone through FTX, okay? Four, Alameda Research is one of Celsius's largest unsecured creditors. And Celsius's largest unsecured creditor, Faro's fund is managed by the former co-founder of Alamator research. Five, Celsius Network and SBF share very close ties to the dubious stable coin issuer.

tether. Very interesting. But I got more for you. Okay. This goes way deeper. It wasn't just this FTT token. On their balance sheet, they got about 80 million or sorry, 2 billion of this thing called serum. Have you heard of this? That's another Sam Bankman-Fried issued token. We talked about this very briefly last week. We did. It's a full fly better to radar. Do you know what the circulating market cap of serum is? Oh, I don't even have a fucking clue. Well, they got $2 billion on their balance sheet. What do you think the circulating market cap of the coin is? 2.1 billion.

80 million. So it is possible. Because it ain't moving. They printed it and they kept it. It never went to market. That's why. But still, it's, it doesn't. I don't know.

I'm just telling you what I've seen. It should drive down the price tremendously. Well, the price is going to be going to zero. So that driving is going to start soon and probably continue into the next little while. So Dimitri Kofinis, who runs the Hidden Forces podcast, a couple of good tweets here. Also seems that FTX and Alameda research were part, we're in part Ponzi schemes capitalized by FTX's native token FTT. We've talked about this. And to a lesser degree by another native asset founded by Bankman Freed called serum, it's SRM token. When some of

Alameda's largest counterparties went bust in the summer 22, FTX began rating customer accounts on the FTX exchange and transferring billions billions of dollars of its customer deposits to Alameda. Part of this money was presumably used to purchase and prop up many of its failing counterparties, blah, blah, blah, classic series of bank runs that led to where we are now. There's so much wrong with this, but we talked about exactly this, that they were bootstrapping their company with FTT. We discussed that last week before this came to light.

All the stuff that they did to build that company up was done by this flywheel of Ponziomics. You print a token from nothing, mint it. You drive the value up. You show people your balance sheet with all this growth. you garner investment and you just do it over and over and over and over again on the back of this Ponzi token, the FTT token in this case. And by the way, finance has a token too, BNB. We'll be talking about that.

Trading for a lot more than it's fucking worth, okay? But okay, if we're going to get to that, that's great. I expect that the contagion will continue. I don't think this is going to disappear in the next week or two. In fact, I think it's going to go a lot deeper than we've seen so far. And I expect the price of Bitcoin, honestly, Len, like, I don't think four-figure Bitcoin is out of the question. I don't. I think between regulation, between the air coming out of the bubble that was caused by very forgiving financial conditions and now this, I don't think four figures are the question.

So I'd be prepared for that if I was a Bitcoin investor. From Autism Capital, absolutely great Twitter handle name. Please verify. Sources are saying that Alameda, of several of the companies that Alibah, Alameda, who has a venture arm invested in, were given a stipulation to hold their treasuries on FTX as part of their investment terms. So when you see that one chart that shows all the companies Alameda was invested in, when Alameda buys equity or does venture capital in a startup, part of the contract, part of the bargain there is that you will hold your treasury with FDX, basically giving FDX your money for them to quote unquote hold or earn interest on or whatever. but in reality now we know what they were doing with it they were using it to cover bets when things turned when things went sideways on and in the summertime and this has been

confirmed now by roiders and others uh you mentioned here this this stuff about crypto dot com like crypto dot com pulled 80 million usdc out of a finance address yesterday did you see that of a finance address so do they have a wallet of their own to pull from or do they keep all their money in other places. Like, what's going on there? I don't know. No one's learning. If you learn what happened in Canada, that in fact, they did proof of reserves for

everything under the Wonderify umbrella. So Coinberry and Bit Buy, they were able to prove that they have all the assets on their, on two like wallets, essentially, hot wallet and a cold wallet. Everything is there. That's how you prove it. It's under their control. They have it. If they have the keys, it's there.

What's going to crypto.com? I have no fucking clue. I don't know. Why is going somewhere else? I don't know. They're betting it, right? I guess. I guess.

I'm going to go to finance. It's 25 to 1 leverage you have over there. Why not? You can make it all back in one trade. Yeah, let her roll, man. So the other thing about SBF that should worry people. Okay, you mentioned these ties to Democratic Party. And man, like, this is not a conspiracy spinning podcast, but I'll tell you, Len, if we ever

wanted to do an episode, or we were spinning conspiracy theories, this would be it. Because this guy and the Ukraine stuff, the Democratic Party stuff, the MIT and the Gensler stuff, the regulatory friendliness stuff. Now the Bahamas, the sort of Bahamian shell companies that are operating over there, the orgies, the drugs this guy is apparently on, which I will talk about in a second. Like, this is crazy. I wrote in the chat. This is better so far. than the current season of White Lotus. And I love White Lotus. It's a great show.

I recommend everyone watch White Lotus. It's very entertaining. But this is better. It's not on Disney Plus because I canceled my subscription. It's on HBO. So minister hasn't told me to cancel that one yet. But anyway, I digress. SBF led claims, you know what he claims to have made his fortune,

how he claimed to build this company and start this company through. He was doing some, it was an arbitrage between the price of Bitcoin between Japan and in United States. He was making a million dollars. a day or something that's what he says that's what he says but whenever anyone asks him he's very fuzzy on the details there's a good interview from hedge eye where mark cahodes is on uh talking with with hedge i about the nature of of sbf ftx alameda and some other stuff on the board that interview's from october by the way so this guy had it early and sounds like he's been doing research

in this for a long time also you mentioned this guy gary wang okay gary wang is a very shadowy figure okay shadowy supercoder as we'd like to say. Have you seen the picture of Gary Wang on the Sequoia website for people on their board? You've seen it where he's looking at the computer, not looking at the screen. Yeah. Is any, are you confident that if you look for a picture of Gary Wang and someone told you it was that guy, if Sequoia couldn't get a picture of him, do you think anyone has a picture of this guy?

Do you think this guy is a real person? Or is he a nym, a pseudonym? Or is he, or is he, like, how is this possible? Sequoia, Sequoia. You can say whatever you want about Sequoia, the investment strategy, all that shit, okay? Whatever, fine. But for them to have a public board and not have a picture of this guy, instead they pick one where his back is to the screen and he's looking at a computer screen, what are we talking about? This is not professional.

This is what, when people like Naraj Agrawal, who I really like, start tweeting stuff like, you know, the conspiracy theory shit is not helping well bro i got news for you all this stuff looks pretty bad okay like it looks pretty bad right down to the picture of the back of this dude's head he's the guy who apparently backdoor you know coded in his back door to access user funds that was employed over over the weekend right to siphon out another 600 million from from from ftx like this is crazy that this guy is not like at the top very most wanted list in america let me you're reading my mind by the way we We'll talk about this in a bit. I wish we were done, but we got more, okay?

From Duneberg, in terms of the media knowing, okay? This is from Duneberg's release today. Poof of work, great title, as always. We love Duneberg, friend of the show. Over the weekend, we spoke with Cahodes, Mark Cahode is, the guy who was talking about Sequoia and the board. We spoke with him by phone. He expressed frustration with the establishment media who propped up SBF and refused

to see FTX and Alameda research for what they were. We reproduced this quote from our conversation with his permit. mission. I was on to SBF for many months. It just did not add up. I've been around fraud businesses for decades and this guy ticked all the boxes. This is the important part. I handed the story to the head of Bloomberg Crypto's team in London, which consists of five people. All of it, the entire story, they passed on it because they thought it was too hard, too complicated, and might interfere with gaining access to SBF going forward. fucking shit.

These guys refused to run a story because they were afraid they wouldn't be able to get access to this guy down the road if the story didn't pan out, even though the story was clear as day. And by the way, Mark Cahodes is a notorious shortseller, activist short seller, okay, very smart guy.

But for him to say it, Corey Clipson to say it, Pierre Rochard to say it, everybody in Bitcoin talking about the nation of the relationship between Alameda and FTX for a long time, okay? A long time. Now maybe me and you weren't tweeting about it,

But certainly you and I thought about the nature of these kinds of shit coin scams and what it means to have an exchange token on this show privately with our friends a million times in the last year, a million times. Because we've been around long enough to know that this isn't sustainable, okay? Great picture today from Autism Capital confirming or trying to confirm that Sam is on a drug called M-Sam. It's a patch. Normally use to treat depression or Parkinson's, but people use it off-label for alertness

and benefits. Yeah, alertness is all a legend, by the way. We're not saying it's a legend, but there's a picture of SPF here that is from some media publication. And it's hard to mistake the stuff on his desk for anything else now that you see it next to a picture of the actual drug. That's all the SPF stuff. Now, let's talk a bit about what this means for the industry going forward. First of all, I hate the term industry because Bitcoin doesn't need an industry, okay? People want to buy Bitcoin and sell Bitcoin.

You want to use Bitcoin as a financial tool for different things. lead in, for example, or whatever, fine. Bitcoin doesn't need an industry of casinos and shit coin token exchanges trying to fleece you and providing a vehicle for shifty VCs to pull the money out of your pocket under the guise of financial freedom and Web3. We don't need that. But we'll talk about it here just for the sake of, you know, tying all these things together under one umbrella. When it comes to proof of reserves, okay, there's a lot of companies do proof of reserves. Linden is among them. So I'm not excluding Lennon. I don't. don't think ShakePay does proof of reserves, but if they do, I'm happy to be corrected. In 2021,

there was a proof of reserves guide, published, open source. Did you know that by, excuse me, by Arthur Hayes and one other person? And BitMex actually uses that open source code and will help you produce a version of it for your own exchange. Did you know that? So all these companies, it's a template that's there. It's all there. All you got to do is is tailor it to what you need and you can get something like this done for your operation. Now, that's good, okay? I'm not saying that's not good. But there's two problems with that.

One is that without proof of liabilities or some attestation about your liabilities, it's impossible to know if the reserves mean anything at all. Okay, we don't know if you're, if you're reserves, your assets are X and your liabilities are X plus Y. Well, then it's no good to me anyway. You're still insolvent, okay? Or you're still going to hit a liquidity crunch at some point. The other thing that's worth mentioning is that the same auditors that were behind the FTX proof of reserves were the same people who are under scrutiny now at Gate and Whoobie.

So these other exchanges from Mario Nolfal, these other exchanges are using these guys. But these proof of reserves companies are not really, you know, they're rubber stamping stuff that maybe they shouldn't. And when that happens, it cheapens the value of proof of reserves. Now, Nick Carter, a favorite of yours. So they're not using KPMG or whomever. no they're not but but nick carter raised an interesting point and it's something i think we should talk about he wrote this today i didn't read the whole thing through but i did read like i did skim it and you know there's there's a way for this to work and the way is that the default needs to be

every exchange just proof of reserves you don't want to do proof of liabilities fine but every exchange has to use the same open source proof of reserve tech to show proof of reserves and you'll know which ones are operating a scam by the ones who refuse to do it and and that's To me, that's a great point. You know, it doesn't have to be perfect, but you're going to know a lot quicker when an exchange refuses to do it if it becomes the industry standard. Right now, it's just not the industry standard. And we got to get there. You know, obviously, there's a list of companies and exchanges that do it.

Nick has it on his website. I don't have the thing off the top of my head right now, the address. But there's a place we can go to look at this stuff. So it's there if you want it. But it's not the standard and it needs to be so that we can weed out these things quicker. This is from when did I take this picture? 6.32 p.m. tonight. Carolyn, you know, the, the woman you were speaking about earlier in not so kind terms. Oh, I said she was very, you know, especially pleasing.

Yeah, sure. Okay. This is, this is an interesting, interesting reporting here. Carolyn says Alameda used funds loan to them for making venture investments. And then they used FTX customer money to repay the loans when they got recalled in the crypto crash this year. Talk about like Ponzi on Ponzi on Ponzi on the back of the FTT Ponzi. It's just nothing. but leverage, poor loans, no protection, no risk management, steady misallocation of funds. And, you know, God knows how many other missteps along the way. Gensler, you know, has some ties too, right? From Tom Emmer, Republican from Minnesota.

He's a Bitcoin or two. He's been very pro-Bicklander. You know, I'm not a surprise. Senator Treesby Thursday night. Gary Gensler runs to the media while reports to my office alleged he was helping SBF and F-TX, work on legal loopholes to obtain a regulatory monopoly. Is someone going to come for Gensler's head, you think? Like, is it time?

Is it fair to say that this guy has been a net negative? It was completely co-opted by political corruption and is rotten to the goddamn core at this point. It seems to me almost invariably to be the case. Everything this guy does, everyone he's involved with. It just gets worse and worse, right? He must have a bag. Several bags.

He just doesn't want it to see disappear. Gensler, by the way, Len. former campaign finance chair for guess who i would even have a hillary clinton don't take that one to the bank with you okay how's that how's that how's that tape is that which election was that for don't know but if it was fucking 2016 that's awfully recent that's awfully recent uh i think the other thing to take from this you know maybe we've talked about this before then like is is it time for bitcoiners to start becoming political like spf was touring washington he's on tv talking to members of the media, talking to Forbes and New York Times, talking to Senate and Congress.

Like, is it time that we start taking care of this stuff on our end? You know, like, what do we, what are we supposed to do as Bitcoiners? I'm happy to sit back and do the podcast and talk to you and educate people who listen. I'm happy to, you know, soak up Bitcoin at a, you know, a discount because people are afraid of contagion effects. I'm happy to do all that stuff. But I think, man, if we want to see this thing succeed, we got to start being proactive. We can't sit back and wait and watch and hope. And I don't know what that looks like, but SBF had a model to really push through legislation.

Now, I'll leave you with this, okay, since we really can't leave without talking about the connection between FTX to Democrats, Ukraine and potential money laundering, okay? do you think that this that this thing has any traction this idea that ftx his mother was a big a big grassroots donor for the democrats he basically spins the thing up in 2019 it dies on the day of the election more or less you know give or take 48 hours and they partnered with the ukraine or with ukraine government to do those donations and you know is there is there something to that is this is there like a like what is the percentage chance in your mind that FTX is like a money laundering operation with like, you know, what's, what's that mean where like you got the mask of like the mask of Sam Bankman-Fried and but then behind him it's

a CIA guy with the earpiece. Like what are the odds of that? Do you think it's like greater than 15% chance? I was going to say 5%. And the reason why I'm saying such a low number is because I haven't done enough investigating into this to give you an educated answer. So I'm going to just err on a side of caution to say it's going to be very, very low. I could be wrong.

It could be, you know, very, very high in a grand scheme of things. But I just don't know enough to give you an educated answer. I don't know. I don't know what it is. But I love, love, love this story. It is so good for content. You learn so much about the dishonesty and insanity behind the scenes. And one last thing.

In the realm of diligence, okay? Because the teacher's pension, and they mentioned the Quebec pensioners, or the Quebec Punch as well on this article. When everyone is talking about this stuff, you should take care to mind the differences between what you think and what other people think. That's one big thing. When you do a deal with a company like FTX,

as our friend, Cheng Peng Zhao will tell you, CZ, you get access to an increased level of opportunity to look at the books. Me and you, what are we doing? We're chasing stuff on chain. We're looking at Twitter accounts. We trust. We're trying to piece things together.

But if you get to do a deal like that, okay? The same way when you buy a house, if you want to open up the electrical panel, you get to do it. If you want to poke around in the backyard, you get to do it. If you want to open the closet door, you want to look under the sink, you want to check the baseboards. You want to do all that shit. You get to do more diligence, okay? our biggest, most important institutions, pension funds in Canada are not doing any diligence. They have the opportunity to do diligence.

They're not doing it. This is not a small thing. This is a major problem. And it's a major problem because they are either outsourcing the diligence to other people who have bigger books than them and won't feel the kind of pain that they'll feel if they fuck this up over and over again. or they're just incompetent. And I honestly tend to think it's the latter more and more. I've said this many times that a forgiving financial environment makes even the smoothest brains look genius when they're investing.

Everything's a winner. Everyone's hitting. It's 10 or 15 or 20 or 25 or 50 years spending on your time frame and your perspective of easy monetary policy that makes everything a piece of cake. I would not be surprised in the next two or three. years to see these pension funds, endowments, you know, you name it. People that are supposed to be the most defensively position of any institution get the rug pulled on them a bunch more times because they just didn't do a fucking shred of work. And it's so disappointing to me to see that, but I really think that's where we're going.

Very, very, very interesting story for a number of reasons. I'm glad we're able to do a show tonight on the back of this thing. It's really, really good timing. So with respect to that, do you know the number that the Ontario Teachers Pension Plan invested into FTX when it was last year at this time, I think it was November of 2021? Yeah. The number is 90. Total was 92 million. Yeah.

Yeah. So I mean, in the grants. At the $32 billion. Yeah. Yeah. I mean, so in the grand scheme of things, I don't think they have anybody within their team that has a significant amount of experience within this field. So really, I'm not saying that this is a small chunk of money, but in the grand scheme of things for them, it really is. Because I'm looking at their total assets.

It's a quarter trillion, right? Yeah, 220 billion versus, you know, 92 billion. That's a big discrepancy. So I think they just threw a flyer. And when I say a flyer, to 92 million, I'd love to get that invested in me. And they were probably hoping for this to be a home run because I honestly don't think that they have the people over there that can do the proper investigating and can do the due diligence required to invest any type of money. It's too bad they invested $92 million that could have invested anywhere else.

Now it's fucking lost because they just didn't do the right thing. But it really, it's more of a proverbial drop in a bucket more than anything else. And with respect to Bitcoin and how we move forward with governments, and it's time for maybe us to be more vocal and try to get more people in power behind Bitcoin or to reverse. I'm not sure if governments that are currently in a very, strong state of, like you look at the United States, Canada, Western nations like UK and so forth, they're by somehow adopting Bitcoin, they're giving up some sort of power, right? Right now they have total control of their monetary policy.

They could create it whatever they want. By somehow affiliating with Bitcoin, they're losing that. And I think it's going to be hard for them to understand that and to adopt that type of mentality given the framework that's been set up and everything that's been done to date. And I don't think they would like to do that. I mean, am I in the right path here? I mean, I don't know. I think I think you're right. But I think ultimately there's got to be ways to talk to these people that, you know, I don't know what the fix is. Is it is it waiting is it waiting until enough Bitcoin holders are sort of, you know, political age, quote

unquote, or like what is it? It seems to me again, like I went on the spiel a couple to us. I won't rehash it, but our competitors are playing in a different environment than we are. And I hate to say it, but like, if there is another, if there is another American crypto exchange that pops up in the next two years, it's a loss for Bitcoiners. We didn't, we didn't take advantage of this the way we should have. And, you know, I don't know if it, you know, how much does that loss matter in the grand scheme? I don't know. Maybe it matters eight out of ten. Maybe it matters four out of ten. Maybe along the time horizon, it doesn't matter at all. But the fact of the matter is the opportunity is here to educate lawmakers,

educate peers, educate governments, educate whatever. And it seems to me like we're talking to each other, not you and me, but like Bitcoiners broadly are talking to each other in the same bubble all the time and patting ourselves in the back a little bit. I'm guilty of that. You're guilty of that. We all are. It feels good.

I can't blame anyone for doing that. But how do we take this message and package it in a way that makes sense for people who didn't think this way a week ago? I don't know. But we got to start. I think we really have to start. I just don't know what the parcel is going to look like when we eventually do it. Who's the best fit?

You know, some people will probably say it's like Mike Saylor. Like I think that's way off. Some people will probably say it's, I don't know, Jeff Booth. That's a good place to start. Booth in Canada. you know, there's a lot of opportunities and options and whatever, but I'm just saying, I think it's time to really consider this. The downside of being completely decentralized, truly having no one behind whom you can march

as a general, unlike these other tokens, is that it's almost impossible to organize something like this and do it properly, do it well. Yeah. That's the only downside. I mean, I have some stories I want to talk about that. It's probably going to be showing you how difficult. it is to even get this type of narrative adopted by people in government. But I just want to a couple of final thoughts.

This whole FTX thing, it really has done a number to the whole Solana community. Because Sam Bancin, Frida, he's very, yeah, I mean, let's be perfectly honest. They were what, like the token was number seven, and I don't know what the heck it was in terms of market cap value. And there's been so much talk about, you know, that this is going to be an Ethereum killer. and a lot of NFTs and all those jazz that was using the Salana network, it's just proven it's garbage. It's more centralized garbage, even more centralized than Ethereum in some respect. So it looks like Salana is going to be something else that may be on its way out

because they don't have the big person behind it banking it. And I'm wondering, I want to throw this out to you, what's next to fall? If you had to guess, is it Binance or Ethereum? I think I think finance is backed by the CCP personally so not finance I think I think there's there's a chance to Ethereum but the Ethereum decay is going to be slow and painful I think man so I don't know I I I hesitate to say pick one or the other and and really go but I think if it was up to me Len you know we'd see a lot of other stuff fail before you do those things a lot of other stuff is going to go I totally understand

But Binance is in the same position as FTX was just a short time ago. It depends how well they're collateralized. It depends on all they're collateralized. And it really, I've looked into this. And again, you take this for a grain of salt because the information is coming from Binance, but they're saying that all their B&B is backed by dollars. So everything that comes in is backed by dollars. They're telling this to us.

I don't know what to say. FTX was saying that they were well collateralized as collateralized as well. And proof was into putting it. certainly wasn't. But Binance, I would not be surprised to see this fall as well. Maybe not tomorrow, but eventually it falls. What about Tether? Is Tether on your radar? I was just about to talk. That's the next thing I want to talk about. I've always thought about Tether. Tether does have a value within the world of finance. And I'll explain why is in some areas where it's very difficult to get access to hard dollars, hard U.S. dollars. Tether is a good substitute.

and you're able then to transact in it and receive it and so forth. So there is a value in it. But it operates on the Ethereum network, number one. So that's a red flag for me. Number two, though, is, is it something that is truly backed one to one? I don't know. I mean, they tell us this. They tell us they've been, there's been some audits.

But still to me, I'm not an audit. Not an audit. It's an, they've received something called an attestation, which is basically, a financial, you know, surveillance, whatever person or a competent financial person comes in, talks to the CFO and says, CFO, give me your financial records. And the CFO gives them the financial records. And then the guy writes a report that says the records he gave me were the financial records. And that's it.

Okay. So that's worth something, but not a heck of a lot. And so in the grand scheme of things, I have nothing I could pin it on. It's just more of a thought and a feeling that I'm just concerned about Tether. And if this does fail, this is going to be the one that's really going to impact the price of Bitcoin and potentially impact how people perceive Bitcoin because a lot of people use Tether on a daily basis. Like I mentioned, with respect to in replace of the U.S. dollar where it's hard to get it. So keep your eyes out on that.

I'm not totally convinced with Tether. it's something that, I wouldn't be surprised if it fails. Leave you thinking, last thing that I'll... Let's move on, I guess. No, no, one last thing. Bigger scammer. Gerald Cotton or SBF? Oh, it's, buddy, it's Gerald.

It's Gerald. Oh, wow. Okay. Everybody, he's faking his death. When SBF fakes his death, then we can talk. That's like, up for echelon, buddy. Let's move on then. I mean, there's no real right answer or wrong answer.

Interesting thought. So I want to talk next about clown world financial laws. We talk about this on a weekly basis, and we got the CP lie just this past week was we came out and, well, the markets were jubilant at the results. And 7.9 was a number that was expected for October. And what we got was 7.7. And really it's 0.2% in the right direction made the markets go absolutely wild. And people were seeing this as, oh, it looks like inflation is potentially coming under control.

But the items that really matter most to people, shelter, food, and energy, these were the biggest inflation contributors in October. So I don't have, you know, a lot of high fives, but come on, man, so much more work to be done. And with respect to that, good luck for them to try to hide it moving forward because really, this is something that's a necessity of our way of love. And I don't want to put too much time into CPI. In fact, we talked a lot about FTX, the start of the show. But really, there's a lot of clown world shit that's going on that we should be talking about.

This past week, we had the elections, the U.S. elections. And, well, somebody named Marjorie Taylor Green. She's a very well-known person. I'm sure you heard of her. A lot of our listeners probably heard of her as well. She was re-elected in the great state of Georgia. Well, remember, she was re-elected. And this past year, February 22nd of 2022, she bought 15,000.

thousand dollars in the following companies. Amgen, Lockheed Martin, Chevron, and Next Era Energy, Inc. And these four companies, they were the beneficiaries of the war in Ukraine as well as supply chain issues. In fact, the next day after buying this on February 23rd for Mighty Stock, she tweeted, quote, war is incredibly profitable and convenient, end quote. Two days later, Russia invades Ukraine. Incredible timing. I will let you be the judge, but how was she punished from all this? She was elected in. in another term into office. So to go back to your earlier discussion

about having Bitcoiners, what can we do, we just keep re-electing these people that are just part of the problem. I don't know what the fuck's going on. What a clown world we live in. And in fact, this past week we had COP 27. Actually, I'll call it COPE 27. This was kicked off in the country of Egypt.

Their goals from their website, quote, limit global warming to well below 2 Celsius and work hard to keep the 1.5 Celsius, see us target alive end quote and the best way to achieve this well in my opinion is to have all these private jets converge on egypt as everyone knows private jets is the most fuel efficient way to travel and the reality is it's just basically these elites they're taking this as a opportunity to do a dick measuring contest and see you could fuck over to most people by taking their money in the whole process remember it was just last year that they agreed to spend $130 trillion with

the T dollars to fight climate change. And this is going to be spent over a bunch of years. $130 trillion. Let's put this in this perspective. That represents 1.5X the global GDP annually. The global GDP, 1.5X, they're going to dedicate that to fight global warming. I was thinking that for real, like more perspective, 130 trillion is the number of times I've died playing God of War so far. I haven't even opened it.

Has it been pretty. So really, I mean, if you look at it, 130 trillion times it dies pretty bad, but the money, it's even worse. They're spending money that's going to be printed on paper that they even yet to even plant the fucking trees. The sheer hypocrisy was going on needs to be called out because it's basically to do as I say, not as a do method. And it doesn't work with me. It shouldn't work with any of us either. We need to demand fucking better from these people. We have to call them out.

The lip service to me, and I'm sure to you, does not fucking. can work anymore. Lead by actions, not by fucking words. More clown world shit. Nicholas Maduro, he is the president of Venezuela. Maduro was suspected of rigging the last

Venezuelan election. He was making life difficult for his political opponent and, well, he was elevating his friends to important positions. And by doing all this too, detrimental to the country, there's been a lot of problems with respect to oil production because they put

the wrong people in their own people rather than having the experts do the job. This is a man that, well, nobody wants to do business, really. But in fact, the U.S. does now. Look at this. Maduro was on the U.S. most wanted list just two years ago in 2020. $15 million capture, it was a $15 million bill to capture him if you got, if you got him because he was suspected for drug trafficking. Now two years later, you see him shaking fucking hands with John Kerry at fucking Cope 27

because they're able to supply much-needed oil to United States. What a fucking world we live in. We should be fucking saying no to Maduro. We should be fucking using our own oil. Not fucking giving him some business. It's fucking brutal. But what do we get in all this? We fucking have these inner cities in the United States.

They look like third world countries. Look, we have shortages on important items like fuel and medicine. The U.S. dollar continues to get devalued. Presidents, you see fucking falling off bicycles. election results they take fucking days for verification fucking it's incredible you want to fucking um what's that show

called um i forget the name of the show there's one that america's got talent or whatever they're doing fucking uh in a commercial they're able to figure out who to vote people off but fucking they take days this is the united states of America how do they fucking take days to figure out who won's an election it's

got fucking black water coming out of the taps in Missouri people are working more hours just to fucking tread water and you got bullshit like this. You're shaking hands with Maduro. Give me a fucking break, but there's so much more bullshit that's going on. Look at Redfin. Redfin, a very, you know, important company and it's tied to the U.S. housing market.

They announced this past week they're going to be shutting down their home flipping business. This is a sign. Yeah, it's a sign that the housing market is cool beyond the point that companies want to actually do business within. They're laying off 13% of their staff. What a fucking Merry Christmas. for some of these employees.

And maybe I suspect I gave you a good idea to have them get some food this winter. The people in Cope 27 take the sweet rolls from there, fill fucking bags, and send it to the people that were laid off at fucking Redfin. That's the only way they're going to have to feed their family moving forward. Amazon even said they're going to be laying off 10,000 people because it's coming up that they're just not too busy. The timing is awful. The black Friday coming up the Christmas season, this should be the busiest time of year.

Fucking Amazon saying, no, we don't. need 10,000 employees? What a fucking joke. How do you capture this shit in the next CPI? If it goes down another 2% people in the White House, I'm sure they're going to be high-fiving, but how do you consult the people that fucking lost their jobs? Just before Chris, it's the money to pay their

to make food or end, sorry, pay for food and everything. Even another story, FedEx, they announced they're going to be furlowing drivers in the next month because volume is decreased. Again, this is the most busy time a year to fucking send shit out. Fucking FedEx is going to be laying shit off. That's more sweet roles that they're going to have to

sent to the people over there. The last story I want to talk about, 49% of restaurants, they were unable to pay their rent in October, up from 36% in September. 49% of restaurants can't pay their rent. This is going to collapse. There's going to be so many businesses that are going to be going to be going to be going out of business in the next little while. In fact, you had Biden, just today, he was talking about the next few weeks.

My plan is to bring down prescription, drug prices, and energy costs starts to go into fact. Fuck, you can't even figure out who won an election a week later. You're going to tell me you're going to bring down drug prices and drive down energy costs. Give me a fucking break. Go on a bike, fall off. Let's see what happens then. I am just fucking done. This thing is an absolute disaster, Joey.

Incredible, man. I got my fucking stress ball out. Buck, that's what I'm doing back. There's so much going on. Okay, so I, like, can I start in Europe? Do you have a Europe section? No, no. You can start in Europe and go run the world.

Okay, okay. So European winter, probably about to start in earnest next week. So I'm going to start seeing some of these colder months, higher demand for fuel, for energy. It's going to start soon. And the TTF contract for NAC gas, which is gas already in the system, is already up about 10%. The front, I think it's the next week or the next two weeks, the contract's already 10% higher. So you're going to start to see this stuff start working through as far as like what it means for average families over there with regard to their inflation, with regard to the cost of living. with regard to all these things. Heeding a home is going to be, you know, this unimaginable

luxury, maybe, maybe at some point in the wintertime. Crazy. Bloomberg article out not too long ago, more than a third of U.S. small businesses couldn't pay their rent in October. We talked about that. This is, this is out of time. The reason I bring this up is because when you think about the FedEx and Amazon thing, you know, Amazon's not a small business, but the demand is just slowing for, you know, quote unquote widgets and other kind of luxury be spending everywhere. It's slowing all over the place. Everyone is looking at the value of their home, lower than they thought it was going to be. They're thinking now about what it's going to look like to renew their mortgage.

They're thinking now about what their interest payments are, they're carrying costs, all these things in a way that they just never had to before, Len. And, you know, FedEx freight, which is the arm of the FedEx company that's doing the furlowing. FedEx Freight doesn't deliver parcels to doors. They deliver bulk equipment, furniture, you know, home stuff. Those are the big 53-foot trailers you see around. That's what FedEx Freight is. So you're seeing a lot of probably inputs now declining in a way that is forcing FedEx.

You know, maybe the nation's biggest carrier to furlough people during the holiday season. Are we kidding with that? That's nuts, man. So that's all that to say that, you know, we're kind of going into troubled waters here. In Canada now, okay? Let's move to our home and native land. Canada has the highest price to income ratio when it comes to the housing market. Did you know that, sir?

We are the highest now in the G7. Yes, something we can hang our hats on now. That's finally. Finally, gold medal. So the data from the OECD shows that the price to income ratio, also known as the measure of affordability. just as case you weren't share, remain the highest for Canada, followed by Germany. Len, Germany is in the middle of a crisis and we are still higher than them, man. You don't, like, how did we manage that?

That's incredible. So, you know, as far as like your analogy there being first place, like, can you imagine the locker room interview with the Canadian hockey player who just had the highest priced income ratio? You know, we really pulled through a lot of reversals. there, me and the boys there. We'll try better next time. Just play our game, you know, keep our sticks on the ice.

And unbelievable, a disaster, okay, a disaster. Canada's ratio index reached 148.16 in the second quarter of 2022, the highest in the G7, which means that housing prices, thank God you're sitting down, listeners, all the people in the chat, I hope you're sitting down for this. housing prices grew at a rate of 48% faster than income since 2015. 48% faster. Here's a stat for you, Joey. Over 70% of Canadian household network, sorry, net worth, sorry, is tied up in real estate.

70%. And I can believe that because, you know, like everybody I know. You can about yourself. Yeah. 70. That's a very large number that's tied just to one sector. That fails. Motherfucker.

We're crazy. So we talked about Sorretki's tweeting out this thing the other day about or not who is, it wasn't Sorretti, it was Rabidoo, sorry. Getting my West Coast real estate guys mixed up. Tweeting out this thing that a sitting MP mentioned to him off the record that the reason Canada is increasing their immigration target

is to keep the housing bubble inflated. Well, as if as if to say the quiet part out loud in a virtual conference this year, Sharon Kozicki, the deputy governor of the bank of Canada said that Canadian households have taken that have taken out mortgages with high loans income ratios probably aren't the ones who have a lot of cash in their bank accounts. Here's where it gets good. She said rising mortgages can trigger a slowdown in household spending

and if enough of them reduce spending, it could impact the entire economy resulting in slow growth and increased unemployment. And if that wasn't plain English for you enough, quote, a drop in the house prices could worsen these effects. They're telling you that they absolutely need to write policy, execute policy, domestic, foreign, and everything in between to keep that housing bubble inflated. They're not kidding about that. Okay. Ridiculous.

Canada also has the highest household debt in the G7. Okay. So we're really, we're crushing it here. Okay. In 2020, household debt in Canada was the equivalent to 177.3% of disposable income. In comparison, the UK has the second highest at 148%. 30% higher, 30 percentage points higher, okay? 300, 3,000, whatever basis points higher than the UK.

In comparison to OECD countries, which ranks 38 countries, Canada ranks ninth after Denmark and Norway. But in the G7, we are number one. What's the fix, Len? I don't know. But I know that in America, after what we just saw in the election, it probably ain't voting important observation from our friend retest chain uh talking about luke romans uh forest for the trees young people voted for free money of course they did how many times have we talked about

this on the show your demographics are changing in a way and the demands the requirements of those demographics because of decades of poor policy and free education for degrees in uh i don't know spiritual dance or whatever the fuck these kids are taking in school they have to be forgiven because these people can't contribute to the economy, they're just paying back loans that they shouldn't have taken. Okay, they can't get good jobs because they don't have an education. They didn't learn anything. Even the kids that are learning stuff. Even the STEM kids are at least tangentially subjected to this other nonsense in the post-secondary sphere now. And so these kids have to spend their vote on getting some of that money back, even if it means that it's free. When you're thinking about how to put money on a table and how to pay rent, how to start a family, how to buy a house, you can't think of anything else. You don't have any long-term vision. You cannot have a long-term vision. It is impossible because the immediate needs will always trump those of the future when the immediate needs are things like food and shelter.

It's not that hard to figure that out. I don't hold it against those kids for voting that way. But to pretend that we don't know why and to pretend that one party is not just fucking buying votes is insane. It's dishonest. And it's, you know, it's embarrassing, I think, for a country that has that problem. University of Michigan has this as the worst ever time to buy a home. Have you seen this survey, the worst ever time. The conditions related to interest rates, the share of people who say that it's a bad

time to buy a house, both at all-time lows, all-time lows, okay? Terrible stuff. Even worse, the Federal Reserve Bank in New York says that inflation expectations are climbing again. They just fell almost two percentage points in the last month, and now they're climbing again by a percentage point. So the median one year ahead expected inflation rate now is 6%. It was five and a half a month ago. The median three year is three percent.

So more people think that this 2% target is a thing of the past. It's a thing of the past. How can people live in an environment where the inflation rate is 6% for three years or 3% for 3% for 3 years, 6% for 1 year? How can they do that? They can't. Of course they fucking can't. This is, you know, and I'll just, I want to mention something here because this video I watched a hit me pretty fucking hard, man. to say, I was in a bad mood for like two or three hours after I saw this video.

If you want to know what the economic situation in this country is like, okay, I want you to go to my Twitter feed from this afternoon. I don't know exactly what time and watch this video from City News about a man in Ontario who has a debilitating back problem could be genetic, but it's persistent. It's not curable, but it's treatable, manageable. This guy is living, it looks like, in a very small home and having a hard time getting by, judging by the food in his cupboard during one of the shots. And he's about, he's walking in so much pain. He's got a back problem.

He's got a back problem. And it's probably some other problems to the stem from that. But the video, the video is about medically assisted death. That's a big topic. this past week. It's been a lot more than just nine. This video is fucking terrible. This guy is talking about he's got this back problem, but the reason he's considering medically assisted death isn't the back problem, Len. It's not that he can't manage the pain. It's not that he doesn't want to live. It's that his house is about to become more expensive for him to live in, too expensive

for the benefits and other things he's receiving from the government to cover it. And so this guy has already gotten one doctor to sign off on his death. He'd rather do that than be homeless. This is the environment where we're being told to cancel Disney Plus to fix things. This is the environment where there's no relief on gas prices of the pump. This is the environment where 500,000 people are going to come into the country, not including students and PRs, non-permanent residence, as Tom and Nick mentioned. and keep housing expensive, okay?

This guy doesn't deserve this outcome. We should be fucking embarrassed by this as a first world country. This is the result of a hundred years of bad policy, a hundred years of self-enrichment and nest feathering by politicians and people in power and corporate leaders and community leaders, municipal, federal, provincial, at all levels. This is the result. This is what it looks like when an empire collapses.

There is no doubt about this, okay? If you want to talk about late stage fiat, this is the fucking picture. A guy who's a citizen in your country, who's injured, who's done as well as he can, seemingly, to try and get by. He's living at the edge of poverty, probably already passed it by some standards. And this is what we suggest for the, this guy. This is what a medical professional encouraged him to do. Just die. Just die instead of living under the bridge. We can't call ourselves a first world country if people are making these decisions

and having to make these choices. This is insane. The fix is not, it's going to be easy to say for a lot of people. The fix is we got to sport this guy. We got to give him more money. We got to give him housing. We got to give him whatever. This guy is a symptom of a million other problems under the hood of a car that's about to break down. And if you think that this is sustainable, you got another thing coming. It's disgusting. I can't believe it. Well, let's transition to Clown World North because there's some stories that I want to talk about that's tied to what you were just mentioning. And with respect to the medically assisted suicide or I don't want to call it. It's a touchy subject. It reminds me of two different things.

Number one, it's some organization that's led by a guy named Klaus, where it seems like the agenda is to try to reduce the population. And the second is, if you look at what happened in Central Europe some 60 years ago, where you had camps and stuff like that, in those areas, when somebody was not in physically the same as like the majority, they would exterminate the person. If they were not with it totally up here, they exterminated them. And we're talking about right now,

there's two stories that came out. Number one, it was Canadian parents have asked for medically assisted death for babies. And this is what doctors are saying. And the fact that we're talking about this, That people are looking, parents are asking for this, this type of outcome for their child. That's fucking incredible. That, again, it's not first world stuff. This is the stuff you would read about in some sort of fantasy world.

Why it's even being discussed about here. But another one we're talking that's being thrown around global mail says Canada will allow assisted dying for mental illness starting in March. And that's the loan. that's the lone reason it's not mental and physical it's not mental and terminal illness it's and like every fucking person man like i i could go on this forever i won't but anyway continue i mean i'll go on but i'm personal for i could see there's there may be a reason to have this i mean somebody that is terminally ill and they don't want it to suffer and they just want to to end things in a way that where their family remembers them in

in such a way and they don't feel a lot of pain. I can understand that. So there are certain instances where maybe there may be some justification for that. But in these cases here, no. And this is wrong. This is, it's almost like state, state approved deaths. It is. It's, it's state sanctioned suicide.

But for, in more so, like, for somebody that is medical illness, like, mental, mental illness, maybe the person may not even. understand what's going on to them. That's brutal. And for babies and never have a chance to grow up and experience life, wow, I mean, like, what are we, that's clown world shit. Like, you know, this is very gruesome. We could, I got some more shit I want to talk about Clown World North. And it's being reported in Ontario that insolvency for consumers has jumped up in Ontario. 3,177 consumers have filed for insolvency, and that's up 29% a year ago. it's a lot of people percentage-wise that's gone up in terms of total number

3100 is not really a lot but that number is climbing up and I think that a lot of more people need to take sage advice and start canceling Netflix and maybe Disney and see what's going on maybe that could make a dent in their finances there's also shortages which are we are experiencing in Canada and number one we have reports coming from former MP Dan McTague and he's carved a really nice niche out for himself being the gas guru. And he's reporting that gas and diesel in, there's some shortages that are being experienced in Edmonton, Regina, and Winnipeg. And he's saying that some customers are being cut off and getting no supply, no new supply for fuel while others are getting rationed deliveries.

This is happening in 2022 in Canada where we have literally oil beneath our feet underneath us in the soil. Like, it's incredible that we're experiencing this type of shortage. And another thing that comes from the soil is lettuce. And this is another thing that is experienced in Canada. There's a shortage. It's being reported that there's less lettuce that you can find. You can't even find it in some supermarkets. Lettuce.

Lettuce. What do we come to? Like, where are we come? But not only that, these are things that we could get around it. I understand lettuce. Okay, you can get something else. But here's something you can't get around. And it's Children's Advil.

And you can't find this shit in Canada. In fact, you can find it on. Amazon is being jacked up in Canada for $300 for the bottle. That's incredible. People are trying to go to the United States and getting it over there and coming back so they could find children's Tylenol and Advil in the States, but not over here. Another thing which is in short supply is penicillin. And this is the general stuff that they've prescribed to children.

It's children's penicillin, by the way. And anytime there's an illness, it's bacterial infections, they prescribe the penicillin. This is in shortage in Canada. It's been in shortage for some time. One pharmacist that was interviewed by CBC was hypothesizing that, well, Canada may have sold off their inventory. Why? I don't know. Or maybe it went to Ukraine. I have no fucking clue, but the fact that you can't find it and he's having some real problems prescribing it, it's one thing to hear about these stories, but if it's your child and your child that has a 39 degree fever, Celsius fever, and you can't find a fucking medicine to cure your child,

that's brutal. You could deal with an adult. Like if I had a 39 Celsius temperature and you can't prescribe medicine to me, at least I could rationalize it. But a child, you can't. And when you fail to provide them the proper medication for them just to live, as you mentioned, we failed. This is third world shit that's happening within our country.

But still, we have some more garbage going on. Still, we have the majority of Canadians that's been reported. They are in support of increasing aid to Ukraine, despite the chance of larger debts. How could that be possible? We are very happy with sending, what do we do? We are very happy with sending stuff out, increasing our deficit, and having less here. We've got to watch for own backyards.

When you don't have fucking lettuce, when you don't have fucking gasoline, diesel, children's Advil, children's Tylenol, penicillin. It's time to look in the mirror and say, we've fucked up. It's not a supply chain issue. This has been going on for some time. You could have easily figured a shit out, but it still is here. And we're now coming into the flu season where kids are going to get more sick. It's more prevalent in this time. It's fucking sad.

And for people out there that have kids that are going to be sick, my heart goes out to you. You know, boomer saying in the chat, I mean, we may as well talk about this a little bit. I don't want to make this like a whatever COVID podcast. But like, no matter what you think about. COVID, no matter what you think about RSV, like the fact that matter is we gave and continue to give and apparently with a support of Canadians are planning on continuing this ad infinitum giving money to Ukraine while we don't have any hospital capacity while we are considering reinstating masks because kids are getting sick after not being exposed to anything and

having you know nerved immune systems after two years of being inside um it's not I'm not a doctor I want to bring a doctor on to the show actually I want Dr. Quadwo Kiramentang to come on the show I may ask him to do it to talk about the lessons from COVID and what we're getting wrong still um but like it's it's not just COVID it's not just hospital it's not just Tylenol in Advil it's not just economics it's it's literally everywhere like Like, it is, the mistakes are everywhere and they're compounding now. The other problem we have is that when you make these mistakes over and over again, the compounding effects are small at first,

but the exponential growth and the damage they do and the vines that they sprout into other silos. It's, it never stops. It never stops. And now you're really seeing that. And, you know, in terms of like the Bitcoin fit into all this, like if you're an average person, How much faith can you have in the currency at this point? You're watching inflation go crazy. The value of your house literally goes up and down by 40%, 20%, 30%, every 365 days or so.

The stock market, like you mentioned, we get a 0.2, a 20 basis point miss on inflation to the downside. The market goes apeshit for two days. Like people, if you measured this in anything else, right, and it took away dollars as the the denominator, people would realize something is wrong. The measuring stick doesn't work, right? It's all over the place. This can't be right. And yet here we are in Canada and everywhere else, just making these mistakes and people seem to not care or not understand. To your point about the war effort support, you know, I think like I said earlier, there's just a number of people who have a lot of bigger, more pressing, short-term things to think about that takes their

attention away from learning about this stuff in the first place and then also takes their attention away from any or takes their um takes their efforts away from anything that may halt payments coming their way to fix their problems at some point you know whether it's the way they vote or you know any number of things i look at hamilton like we just elected andria horwath as a mayor like we're a fucking retirement home for failed communist politicians it's a fucking joke and it i i just don't i don't know what else to say about it like it's honestly to God it's depressing it can it can be depressing and uh it you see how do we end up here man like we we had all the opportunity in the world and this is where we ended up it's it's

unbelievable it is unbelievable how we fumbled this ball over and over and over again over the last 50 years but it's it's exactly what happened there's no other way to look at this it's not one particular policy or event it's the accumulation of them all and it's a death by a thousand cuts and here we are and it's it's really sad and there seems to be no way out of it you're looking now at the bricks nations they're looking to expand the memberships and as they do see the number of people the number of nations that are looking to get in there like yeah it's no small thing man and if they're able to encompass 60% of the global energy within their umbrella that's significant and if you look at it a lot of them they don't have the same ideologies like russia and

China and they've gone to war in the past and you know what sort of similarities they have it's just it's by convenience India and China they they should be at odds and they have been in numerous instances but it seems like they have the same goal and just seems like that it's just going to be the West versus the rest and the rest is probably going to have enough ammunition to ensure that they survive because we are just we're concerned about other things like putting on more colors on the flag to make people happy. At the soccer thing, see the guitar. Yeah, like.

Yeah. So we should mention here, okay. It's not that those are not worthy causes. They are, okay? But those are things to do in times of decadence. We are not in a time of decadence, man. You are at the cusp of a major change in the way your life the way you exist from day to day

this is not the time for these things this is not the time for luxury beliefs it's not the time for any of this the time is the time I think now you know and you can tell me what you think Len is for truly a plan for the next five years what are we what are we going to do

for five years here to fix this yeah not a not a five year plan Joey because that is short term that's the way we've been operating everything up until now you need to do the Chinese style where it's much, much longer term. Do a hundred-year plan. Try to figure things out how are you going to be planned,

how it's going to be next 20, 30, 40, 50 years is that's the way you build an empire. That's the way you build strength. You're right. You are right. Yeah. Yeah. But really, we should be focusing on these little things, but it shouldn't take a heck of a lot of our attention, our resources.

These are things that matter. But there's other things that should matter more because, you know, when you have problems with children getting penicillin, that's a fucking problem. I don't give a shit about your thoughts about, you know, we're calling you the wrong whatever. That's a fucking, that's life and death. This is not your feelings. There's a huge difference between the two.

And if you can't differentiate between the two, well, I'm sorry, you failed as a human being. Yeah, absolutely. Totally agree. So that's it for the Canadian news. I got one story before we could transition to though. and Bitcoin of the week is we have, wow, Shell, they have, they're sponsoring the Bitcoin Conference for the next two years.

This is the oil giant, oil giant Shell. So no small company that is now going to be tying their name to Bitcoin, if you think they're going to be sitting idly by and just doing this without going any further, you're wrong. They are going to get involved in mining in a big way. they have so much opportunity here to monetize energy, wasted energy. This is a huge opportunity for them to make headways in the Bitcoin mining game. They could be a huge player.

And it's going to cost them virtually nothing aside from getting a company like Caruso Energy, for instance, to come in and set up shop and mine Bitcoin. And they just take a slice of the pie. Very simple. Very cheap. It works. you're not combusts, sorry, you're not letting the methane go into the air. You're combusting it. It's a win-win on so many different levels.

This is massive. And this is something that shouldn't be overlooked. When am I going to be able to buy shell stock as a proxy for Bitcoin instead of the miners start buying Shell? Is it now? Is now the time? Maybe now's the time. I don't know. Well, if you want it as a true proxy, they have to have a huge exposure to Bitcoin.

And given the size of the company, I don't know. think it's going to be like that in the next long while if ever so we'll see what happens how things play out but just it just the fact that they're getting involved with bitcoin the name bitcoin and just sponsoring it that's huge and i i love to see how things play out moving forward they've been vilified by western governments well these guys realize like like these guys realize these companies are trading commodities and like operate on commodities pricing no they know that the money is worthless they know that governments

are going to need their product at some point they just don't like they don't care they're not loyal to anyone they can operate anywhere they don't they don't give a shit what Biden and friends say about oh there's going to be no new drilling like who no they don't give a fuck they'll drill because people need

oil and they may not drill in America but if you don't drill in America you can have bigger problems than whether or not shells got you know a diverse board or whatever the fuck goes on at these corporate governance meetings now. Like, no one's going to care about that. And, you know, part of me, Len doesn't want to get there because if we get there,

it's going to be ugly. But the other part of me, like, we need a wake-up call. We need a wake-up call here soon because it seems to me nothing is working. And I don't understand why it's not working, but we need a wake-up call here in this country and in America and in most of Western Europe soon. Because if we don't get one soon, it's going to be too late. Yeah, it sure will be. And we'll be looking back back in my day, young fella.

I used to be like this. I don't want to be like that. Everything went downhill as soon as Facebook was released, by the way. 05 was peak humanity, maybe 06. Somewhere between 05 and 2010. It could also be that that was when I was in my early 20s, but I'm pretty sure it was because that was actually peak humanity. I haven't put much thought into this.

I can't really give an answer. But let's transition to the Bitcoin and no coiner of the week. I have a no coiner, but no Bitcoin, and I'm not sure if you have any of the two. I got a Bitcoin, so that's good. We got some synergy here. Yeah.

So this one is sponsored to this, sorry, this particular segment of the show, sponsored you by Tahini's restaurant. They just opened up a new store on Blue or West. I don't know the address, but another store that's opened up in Toronto. They continually open it and expand,

even during a bare market, not just in Bitcoin, but also in traditional finance. So kudos to, Ali and Tahini's for continually to expand. And what do you always say? It's always a bowl market of tahini. No matter of the price.

Yeah. So do you want me to go first with mine or you want to go? Is mine going to be short and sweet? I'll go. My Bitcoin or the week, it's kind of a weird one. It's a guy named Loaded. I don't know if you know who this guy is, Len. This guy is an OG bitcoiner.

It was active on the Bitcoin Talk forums. And I think he was active on the Bitcoin Talk Forums. And he wrote a piece of code back in 2012 that allowed him to steal 50,000 Bitcoin from Silk Road. Okay. And about two weeks ago or a month ago, something like that, I don't know exactly when, but it's fairly recent. The United States government knocked on his door and asked to come in and found a floor safe and got back every single. one of those 50,000 Bitcoin. Now, the reason that this guy is my Bitcoin at the week is because he's a good example

of what can happen when you don't protect your Bitcoin. When you keep it on exchanges, when you leave it with custodians who are untrustworthy, when you are getting a deal you think is too good to be true and leave it there anyway. And when you have 50,000 Bitcoin and just leave it on, you know, in your floor safe. This guy got nicked because he didn't cover his tracks on that. his tracks on one transaction, one transaction. He didn't do proper coin control on, and the government was able to find it and got him.

You got to protect, if you're a bitconer, okay, you got to protect your Bitcoin, not like it's worth $15,000, $16,000, whatever it's worth an American right now. You got to protect it like it's worth a million because you probably think it's going to get up to, you know, that much, $100,000, $200,000, whatever, per coin. If you think it's going to get that high, you've got to protect the leg, it's worth that much. You don't protect the leg, it's worth that much, leaving it on FTX, leaving it on Binance, leveraging it, all kinds of other dumb shit you can do with it, okay? And I know some of you even messaged me about your risk tolerance for leaden. You may not have that risk tolerance.

If that helps you sleep a night, that's fine. Risk management, position sizing, all that stuff that can help you with that. My suggestion to you generally, okay, and my suggestion to our friend Loaded, who's now in government custody, as far as I understand. is what you do now should reflect what you think the price will be in 10 years, not what the price is now. So load it for your help in teaching this lesson, my Bitcoiner of the week. I don't know exactly what his mistake was. I don't know enough about coin control.

Honestly, I got to learn more. But a good guy to ask me, Matt O'Dell, who I still want to have on this podcast, who is a guy who's proven to be a little bit evasive, a little bit hard to get to pin down. I don't think he checks his message just basically anywhere except Keybase. I don't have key base on my phone anymore So anyway, it's a good story Look into it I think the US government land

Actually held him in custody For six months before he gave up the keys To the Bitcoin So $5 wrench attack What about six month jail attack Something same result Oh the $5 wrench I don't think you could do much

These guys given the fact that The currency has been devalued so much It might give him just a bump on the head If anything It's like a mosquito bite Probably to something along of those lines But maybe Well my no coin

I talked about him earlier in the show in its environmentalist John Kerry and watching him shake hands and basically get buddy buddy with Nicholas Maduro at COP 27. It's rather disgusting considering what Maduro is and what he represents and the fact that he was on the U.S. Most Wanted list as recently as two years ago and a bounty was out there for $50 million for the capture of him. the fact that now the U.S. is willing to do business with Maduro and Venezuela to buy oil from Venezuela and ship it at great distance. It's not like it's a very short distance. It's a very, very long way to bring it. There's an environmental cost at that, and people don't give a shit about it. People just don't want to see drilling done within their own shores. They want to see it done elsewhere.

And how it's done, how unenvironmentally friendly it is, they don't give a fuck. And this whole situation of buying this energy from Venezuela, it irks me the wrong way. Watching John Kerry, the environmentalist, shake hands with Maduro, is fucking disgusting. And on top of that, too, Venezuelan oil is akin to Canadian oil. So it's very, I think it's heavy. And so it requires more energy from what I understand to extract gasoline and diesel ferment. So still in the end, it's much more costly environmentally in so many respects, The guy, John Kerry, is hypocritical.

He's not an environmentalist. He's there just to appease the people that voted him in there. And not that I'm an environmentalist, but if you're going to walk the walk, sorry, talk to talk, walk the walk as well. And he's feeling to do this. And this is why he's my no-coiner of the weekend. I'm doing that for my wife because she's the one to recommend it.

So there you go to tell her. Great pick, great pick. That's all she wrote. That's all we got. We're done here for tonight. Good, good rip. A lot of topics tonight drew out some passion. from both of us, which is great.

It's probably easier to listen to as well. The price of Bitcoin right now, Len, is $16,609 U.S. Canadian, it's $22,133. It's been flat for today's show. Oh, nice. Okay. So, yeah, we got Joe Hall, Joe Nakamoto on Twitter coming on Wednesday. And I think that's it for this week.

We did three shows last week. We're doing two this week. And look out for Twitter spaces on Friday. I'll probably get another couple of winter ails. The beer store's got a bunch of stuff I've yet to try. So come join us on Friday at 4 or 4.30, whatever time that's at. And we'll talk to you guys then. If you're on audio, check out video on YouTube for the after show.

And if you're already here, and you've probably been here all night. The chat's been absolutely rip-or. Yeah, it's been great. Fantastic. It should get better as we get into the colder months, too. Yeah, yeah, exactly. There's less to do. So, yeah.

That's right. With that said, take care.